OTTAWA, Dec. 30, 2020 (GLOBE NEWSWIRE) -- The global specialty chemicals market size was valued at USD 721.06 billion in 2019.
Specialty chemicals are specific types of chemicals that provides various effects to different industries that they serve, for example ink additives, textile, oil & gas, cosmetics, construction, and food. Specialty chemicals are basically manufactured in reactors and are generally entities of chemicals or either single-chemical formulation. Their composition largely influences the performance of the consumer’s product. These chemicals are used on the basis of their performance and function. Significant research & development (R&D) in the specialty chemicals market has facilitated the development of products with advanced and optimum features.
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Growth Factors
Increasing demand for function-specific and high-performance chemicals across various end-use industries such as pulp and paper, oil and gas, and personal care & cosmetics projected as one of the significant factors for the market growth of specialty chemicals. Furthermore, increased innovation and research & development are the key growth factors as the market is largely drive by the changing consumer preferences. Manufacturer’s focus prominently towards offering custom-made and innovative product offerings for the target applications, thus to cater the consumer specific demand investment in research and development have significantly grown over the past years, driving the development of innovative chemicals and significant expansion of product portfolio in the market.
However, stringent government norms coupled with variable price of raw materials anticipated to hinder the market growth. Nonetheless, increased research & development activity for the development of bio-based specialty chemicals expected to fuel the market growth over the forecast period.
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Regional Snapshots
In 2019, the Asia Pacific led the global specialty chemicals market with prominent revenue share of approximately 36%. This is attributed to the prominent position of China as the leading manufacturing hub for various industries such as automotive, personal care and cosmetics, pharmaceuticals and nutraceuticals, and electrical and electronics, this has primarily contributed for the emergence of the Asia Pacific as the market leader as well as one of the rapidly growing markets for specialty chemicals. Furthermore, trade liberalization, improved standard of living, advancement in the process technology, and flourishing demand for electronic products in other parts of Asia Pacific such as India, Japan, Singapore, Malaysia, Indonesia, many other ASEAN countries propel the growth of specialty chemicals in the region.
On the contrary, Europe expected to be the stable market for products. As per European Chemical Industry Council (Cefic), specialty chemicals sales in European Union accounted for more than 27% of the total chemicals sold in the financial year 2018. Furthermore, it is one of the significant exporting sectors in the region and held nearly 30-35% of the total chemicals exported in the financial year 2018.
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Report Highlights
- The Asia Pacific is the largest revenue contributor to the global specialty chemicals market with prominent revenue share of nearly 36%. China as the major dominating region accounting for more than 40% revenue share in the specialty chemicals in the Asia Pacific region drives the regional growth.
- Europe experienced a stable market for specialty chemicals products. High export rate of specialty chemicals in the region that is nearly 27% of the total exported chemicals in 2018 accounted for regional growth in this market.
- Pharmaceutical ingredients dominated the global specialty chemicals market with prominent revenue share and predicted to continue its dominance in the forthcoming years. Significant application of specialty chemicals in the pharmaceutical industry such as drugs manufacturing for skin disorder, cardiovascular diseases, and Hughes syndrome drives the market growth.
- In 2019, agrochemical anticipated to register nearly 12-15% of revenue share in the global specialty chemicals market. Rising population along with increasing demand for food globally triggers the demand for agrochemicals over the coming years.
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Key Players & Strategies
The global specialty chemicals market is highly fragmented due to the presence of large number of players on the regional as well as international level. Global positioning, intensive R&D for sustainable development, efficient product development, strategic alliances, and adoption of new technologies are some of the major growth strategies adopted by the industry participants to propel in the market. Furthermore, increasing research & development for bio-based specialty chemicals has gained prominent momentum over the past few years due to favorable regulations along with changing consumer perception.
Some of the key players operating in the market are BASF SE, Bayer AG, Dow, Inc., Lanxess AG, Evonik Industries AG, Clariant AG, Solvay SA, Albemarle Corporation, Huntsman International LLC, Sumitomo Chemical Company, Nouryon, Ashland LLC., Merck & Co., Inc., Henkel Ag & Co. KGAA, Sasol Limited, 3M, PPG Industries Inc., Koninklijke DSM N.V., and H.B. Fulleramong others.
Market Segmentation
By Application Outlook
- Flavors Ingredients
º Savory
º Beverages
º Dairy
º Others - Agrochemicals
º Fungicides
º Calcium Nitrate Fertilizers
º Insecticide
º Ammonium Sulphate Fertilizers
º Herbicides
º Others - Dyes & Pigments
- Fragrances Ingredients
º Fabric Care
º Personal Care
º Hair Care
º Others - Water Treatment Chemicals
º Biocides and Disinfectants
º Corrosion and Scale Inhibitor
º Activated Car
º Coagulants and Flocculants - Personal Care Active Ingredients
- Surfactants
º Nonionic
º Anionic
º Amphoteric
º Cationic
º Others - Construction Chemicals
º Adhesives and Sealants
º Protective Coatings
º Asphalt Additives
º Concrete Admixtures
º Others - Bio-based Chemicals
º Ethanol
º Furfural
º Acetic Acid
º Others - Textile Chemicals
º Coating and Sizing Chemicals
º Finishing Chemicals
º Colorants and Auxiliaries
º Others - Oilfield Chemicals
º Cementing Chemicals
º Drilling Fluids
º Fracturing Chemicals
º Oil Production Chemicals
º Acidizing Chemicals
º Others - Polymer Additive
- Electronics Chemicals
º Conductive Polymers
º Specialty Gases
º Wet Chemicals
º Photoresist Chemicals
º PCB Laminates
º Silicon Wafers
º Others - Paper & Pulp Chemicals
º Process Chemicals
º Bleaching & RCF Chemicals
º Coating chemicals
º Functional Chemicals
º Pigments & Fillers - Pharmaceutical Ingredients
º Biological API
º Chemical API - Specialty Polymers
- Others
By Regional Outlook
- North America
º U.S.
º Canada - Europe
º U.K.
º Germany
º France - Asia Pacific
º China
º India
º Japan
º South Korea - Rest of the World
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